Step 1 Analyze the effect of each scenario on the price of khaki pants. Consider the following scenarios. Think about how each scenario would affect the price of khaki pants. A new technology reduces the time it takes to make a pair of khaki pants. The price of the cloth used to make khaki pants falls. The wage rate paid to garment workers increases. The price of jeans increases. People's incomes increase. Step 2 Draw a demand-supply graph and label the axes with the price and quantity of khaki pants. Create one graph that shows each of the demand-supply curves for the five scenarios listed in Step 1. Use Word to create your graph. Use five different colors to represent each of the five scenarios. Save the graph to your computer . Copy and paste the file into the assignment document that you deliver to your instructor. Clearly identify your finished araph.

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